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                                                                    Paris, January 28, 2004



                                      Press Release




                       C O NS O LI D AT E D S AL E S 2 0 0 3 :
                               € 8,394 million, up +6.2%
                      Clear signs of a recovery in the second half



Consolidated sales for 2003 reached 8,394 million euros, up +6.2% on 2002. Particularly strong
growth was recorded in the fourth quarter (2,155 million euros).

At constant exchange rates and excluding fluctuations in natural gas prices, full year sales grew
+9.6%, of which +5% was activity-related and +4.6% linked to the creation of Japan Air Gases.

Gas and Services sales, accounting for nearly 90% of activities, were up +11.4% (at constant
exchange rates and excluding fluctuations in natural gas prices) in the fourth quarter 2003, of
which +6.1% activity-related and +5.3% linked to the creation of Japan Air Gases.


Commenting on these figures, Benoît Potier, Chairman of the Management Board, stated:

“Sales in 2003 showed a marked improvement on 2002, with clear signs of a recovery in the
second half of the year.
Throughout 2003, all our Gas and Services activities saw a significant acceleration in Asia,
a business recovery in the Americas and solid growth in Europe.
Despite unfavorable exchange rates, we confirm our objective to grow reported net
earnings for financial year 2003.
The sales momentum recorded across all our business lines in the fourth quarter should
continue into 2004, in line with the economic recovery.”




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1- GAS AND SERVICES

In the fourth quarter of 2003, Gas and Services sales were up +6.1% to 1,879 million euros, excluding
the impact of foreign exchange, natural gas price fluctuations and the consolidation of Japan Air
Gases. Signs of recovery observed in the third quarter have been confirmed.

Full year sales for Gas and Services stood at 7,389 million euros, an increase of +5.4% (excluding
foreign exchange, natural gas prices and consolidation of JAG).

   ð    Analysis by region

                                              V ar ia t io n o v er
                               As of                                                        Q 4 V ar i at i on
             S al es                            12 m ont hs              4t h q uar t er   (excl. foreign exchange,
                            December 31,      (excl. foreign exchange,
         (€ million)                                                         2003           natural gas prices and
                                2003           natural gas prices and                       consolidation of JAG)
                                               consolidation of JAG)
    Asia-Pacific               1, 3 36 .3          + 11 . 3%                  35 4 .1          + 15 . 4%
    Americas                   2, 1 31 .4            + 2. 6%                  51 0 .7            + 5. 3%
    Europe
                               2, 2 32 .3            + 5. 4%                  57 8 .4            + 7. 2%
    (excluding France)
    France                     1, 5 44 .8            + 5. 1%                  39 9 .7             - 0. 5%
    Africa                        14 3 .7          + 15 . 6%                    36 . 5         + 16 . 0%
    Gas and Services           7, 3 88 .5            + 5. 4 %               1, 8 79 .4           + 6. 1 %

    •   Asia-Pacific
Strong growth was recorded in all business lines in the fourth quarter (+15.4% excluding foreign exchange,
natural gas prices and consolidation of JAG) throughout the region, driven by China acceleration.
In Japan, electronics sales and liquid gas volumes show clear signs of recovery and Korea’s strong
performance was boosted by a new investment in H2/CO.
As a whole, Asia, led by China, saw a marked acceleration throughout 2003, a trend confirmed by the high
level of sales recorded at the end of the year.

    • Americas
The sales increase of +5.3% (excluding foreign exchange and natural gas prices) in the fourth quarter
confirmed the signs of recovery noted in the third quarter across all business lines, in North America as well
as Latin America. Our customers benefited from increased competitiveness thanks to the level of the US
dollar. The chemical industry in the US showed particular improvement, with high air gases volumes.
Industrial Customers benefited from the upturn in the US economy with a particularly positive end of the
year. Electronics achieved organic growth of almost +10% in 2003.
The second half of the year saw a marked recovery throughout the region, including growth in volumes in
South America linked to our customers’ exports.

    • Europe (excluding France)
Europe saw steady performance in the fourth quarter (+7.2% excluding foreign exchange and natural gas
prices). Large Industries sales rose sharply, benefiting from the start-up of an H2/CO unit in Antwerp, the
Group’s largest unit worldwide. The Industrial Customers market saw sustained demand, with growth in
Services. Healthcare showed a good performance, particularly in medical gases and sales of hygiene
products and services to hospitals.
Overall, sales were up +5.4%, excluding foreign exchange and natural gas prices.

     • France
France saw a stable fourth quarter (-0.5% excluding natural gas prices) in a contrasted economic
environment, with an unfavourable comparison effect due to high levels of equipment sales in electronics at
the end of 2002.
Full year sales in France were up +5.1% excluding natural gas prices, underpinned by the diversity of our
business lines. Healthcare, which represents 31% of Gas and Services sales in France, grew around +7%
over the year, a performance similar to that of Large Industries. Electronics sales grew by more than +10%.
Industrial Customers reported a slight increase, led by Services.




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ð   Analysis by business line

                                         V ar ia t io n o v er
                          As of                                                        Q 4 V ar i at i on
       S al es                             12 m ont hs              4t h q uar t er   (excl. foreign exchange,
                       December 31,      (excl. foreign exchange,
     (€ million)                                                        2003           natural gas prices and
                           2003           natural gas prices and                       consolidation of JAG)
                                          consolidation of JAG)
Industrial Customers       3, 3 53 .9           + 3. 9%                  85 1 .5            + 5. 2%
Large Industries           1, 9 98 .8           + 6. 3%                  49 5 .5            + 9. 0%
Electronics                  82 9 .6          + 11 . 4%                  21 0 .0            + 3. 2%
Healthcare                 1, 2 06 .2           + 4. 4%                  32 2 .4            + 6. 1%
Gas and Services           7, 3 88 .5           + 5. 4 %               1, 8 79 .4           + 6. 1 %


•   Industrial Customers
Driven by Asia and the recovery in the Americas, sales accelerated in the fourth quarter (+5.2%
excluding foreign exchange, natural gas prices and consolidation of JAG).
Liquid gas volumes were good in North America and Asia. Growth remained solid in Europe, with a
strengthening of our Services offer.
Full year sales were up +3.9% (excluding foreign exchange, natural gas prices and consolidation of
JAG), proof of our ability to capture growth opportunities through volumes in developing regions and
make continued progress in more established markets thanks to our enlarged offer.

• Large Industries
In Large Industries, strongest growth was achieved in the fourth quarter (+9% excluding foreign
exchange, natural gas prices and consolidation of JAG).
The increase in H2/CO volumes was high in Asia and Europe, with ramp-up of new projects (Korea) and
the start-up of three H2/CO units in Antwerp (Belgium), Pont de Claix (France) and Anacortes (US).
Improved performance in US chemical industry and good progress in cogeneration combined to restore
a pattern of solid growth in the United States.
Large Industries sales continued to grow steadily over the year (+6.3% excluding foreign exchange,
natural gas prices and consolidation of JAG), with a marked improvement in the second half.

• Electronics
In Electronics, the fourth quarter of 2003 (+3.2% excluding foreign exchange and consolidation of JAG)
marked the eighth consecutive quarter of growth. Sales were high at the end of the year (excluding
equipment sales), with strong demand for flat screens, DVD players and portable computers.
Over the year, Electronics benefited from this buoyant demand (+11.4% excluding foreign exchange and
consolidation of JAG). Sales of Equipment and Installations remained high at around 30 to 40 million
euros per quarter, Asian sales balanced European sales after the first quarter.

• Healthcare
A steady growth pattern had been re-established by the end of the year, with strong sales in homecare in
France and medical gases in France and Europe. Hygiene services was also positive, especially in
France, Italy and Germany.
Healthcare performed best in the fourth quarter (+6.1% excluding foreign exchange and consolidation of
JAG).



Services accounted for 18.5% of Gas and Services sales, a slight increase on 2002. The acquisition of
European metrology specialist Livingston’s business outside of the United Kingdom should further
strengthen this trend.




                                                                                                                 3/7
2 - RELATED ACTIVITIES


                                                     Variation %               th
                                                                           4        qu ar ter       Variation %
        S al es ( M€ )    F u l l Ye ar 20 0 3    (on a comparable
                                                                                                (on a comparable basis)
                                                        basis)                      2003

     AL Welding                 42 3 .2                - 7. 8%                      10 7 .9            - 8. 3%
     Engineering and
                                25 3 .1             + 27 . 1%                         96 . 2           - 5. 1%
     Construction
     Other Businesses           32 8 .8                - 0. 3%                        71 . 7           - 8. 0%
     Related
                              1, 0 05 .1               + 2. 0 %                     27 5 .8            - 7. 0 %
     activities


Overall related activities remained stable for 2003.

    •   The welding business (AL Welding), highly dependent on industrial production and investment, saw
        a decrease in sales, particularly in welding equipment.
    •   Engineering and Construction grew strongly with high levels of billings, particularly in the first half
        of the year in Asia.
    •   Sales for Other Businesses (Chemicals and Diving) remained stable over the year.

Financial calendar 2004

2003 FY earnings                  Friday 27 February 2004
2004 Q1 sales                     Wednesday 28 April 2004
AGM                               Wednesday 12 May 2004
2004 H1 sales                     Wednesday 28 July 2004
2004 H1 earnings                  Monday 6 September 2004
2004 Q3 sales                     Wednesday 28 October 2004

                                             ************************
Present in 65 countries, Air Liquide is the world leader in industrial and medical gases and related
services. The Group offers innovative solutions based on constantly enhanced technologies. These
solutions, which are in line with Air Liquide’s commitment to sustainable development, help to protect
life and enable our customers to manufacture many indispensable everyday products. Founded in 1902, Air
Liquide has more than 30,000 employees. The Group has successfully developed a long-term relationship
with its shareholders built on confidence and transparency and guided by the principles of corporate
governance. Since the publication of its first consolidated financial statements in 1971, Air Liquide has
posted strong and steady earnings growth. Sales in 2003 totaled 8,394 million euros, of which sales
outside France accounted almost 80%. Air Liquide is listed on the Euronext Paris stock exchange and is a
component of the CAC 40 and EuroStoxx 50 indexes (ISIN code FR 000012007).


For further information, please contact:
Investor Relations                                                Corporate Communication
Matthieu Baumgartner          + 33 (0)1 40 62 55 19              Dominique Maire  + 33 (0)1 40 62 53 56
Caroline Morand               + 33 (0)1 40 62 55 41              Joëlle Ambon     + 33(0)1 40 62 51 31

                                             www.airliquide.com




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                                                     APPENDIX (1)

In addition to the comparison of published figures provided, financial information is presented at constant
exchange rates, and excluding natural gas price fluctuations and consolidation of Japan Air Gases as well as
on a comparable basis (at constant exchange rates, excluding natural gas price fluctuations and perimeter).
Since industrial and medical gases are not exported, the impact of currency fluctuations on sales and
earnings is limited to converting the financial statements of our foreign subsidiaries into euros. Fluctuations
in natural gas prices are passed on to customers through indexed pricing clauses.

Consolidated sales figures as of 31 December 2003 include:

                                        Variation                                                          Variation %*
                         In million                      o f wh i c h    o f wh i c h    o f wh i c h      (excl. forex,
       2003/2002                           %
                           euros                            forex       natural gas     JAG effect          natural gas
                                       (published)
                                                                                                             and JAG)

    Full Year             8,393.6         +6.2%            -6.3%           +2.9%           +4.6%             +5.0%

      th
    4 quarter             2,155.2         +4.2%            -5.0%           +0.5%           +4.5%             +4.2%

    * Effect of acquisitions taken into account for +0.9% over 12 months and +0.6% over the 4th quarter.

             •   The impact of exchange rates (-6.3%), linked to the conversion of the financial
                 statements of our foreign subsidiaries into Euros, was lower in the 4th quarter, and
                 amounted to 496 million Euros over the full year. During this period, it stemmed
                 mainly from the appreciation of the Euro against the US dollar. Other effects are
                 linked particularly with the yen and the Canadian dollar.

             •   The impact of natural gas (+2.9%) is linked with the rise in natural gas prices
                 representing 226 million Euros excluding currency impact. This impact was mainly
                 seen in North America and diminished slightly in the second half.

             •   There was a positive effect from the basis of consolidation (+5.5%), amounting to
                 440 million Euros. This was principally linked with the full consolidation of Japan Air
                 Gases (+4.6%) from 1st January 2003. The remainder of this effect stems mainly
                 from the acquisition of Messer assets in Egypt, Canada, Trinidad and Tobago and
                 of Intega in Germany (+0.9%).




                                                                                                                      5/7
                                             APPENDIX (2)

Gas and Services sales by region

                                                            F u l l Ye a r
                                                                           Variation %
       by region              In M€         Variation %               (excl. forex, natural
                                                                                                 Variation %
                                                                                              (on a comparable
                          (as published)   (as published)                 gas and JAG
                                                                                                    basis)
                                                                         consolidation)
   Asia-Pacific              1, 3 36 .3      + 38 . 9%                   + 11 . 3%               + 11 . 3%
   Americas                  2, 1 31 .4        - 4. 3%                    + 2. 6%                 + 2. 1%
   Europe
                             2, 2 32 .3       + 5. 6%                     + 5. 4%                 + 4. 3%
   (excluding France)
   France                    1, 5 44 .8       + 5. 4%                     + 5. 1%                 + 3. 9%
   Africa                       14 3 .7      + 20 . 0%                   + 15 . 6%                + 1. 3%
   Gas and Services          7, 3 88 .5        + 7. 3 %                    + 5. 4 %               + 4. 4 %

                                                                th
                                                            4        quarter
                                                                           Variation %
       by region              In M€         Variation %               (excl. forex, natural
                                                                                                 Variation %
                                                                                              (on a comparable
                          (as published)   (as published)                 gas and JAG
                                                                                                    basis)
                                                                         consolidation)
   Asia-Pacific                35 4 .1       + 46 . 0%                   + 15 . 4%               + 15 . 4%
   Americas                    51 0 .7         - 6. 8%                    + 5. 3%                 + 6. 2%
   Europe
   (excluding France)
                               57 8 .4        + 6. 7%                     + 7. 2%                 + 5. 8%
   France                      39 9 .7         -0. 4%                      -0. 5%                  -2. 1%
   Africa                        36 . 5      + 21 . 9%                   + 16 . 0%                + 2. 6%
   Gas and Services         1, 8 79 .4         + 6. 5 %                    + 6. 1 %               + 5. 4 %


Gas and services sales by business line

                                                            F u l l Ye a r
                                                                           Variation %
    by business line          In M€         Variation %               (excl. forex, natural
                                                                                                 Variation %
                                                                                              (on a comparable
                          (as published)   (as published)                 gas and JAG
                                                                                                    basis)
                                                                         consolidation)
   Industrial Customers      3, 3 53 .9       + 6. 3%                     + 3. 9%                 + 3. 1%
   Large Industries          1, 9 98 .8       + 9. 8%                     + 6. 3%                 + 4. 9%
   Electronics                 82 9 .6       + 13 . 0%                   + 11 . 4%                + 8. 6%
   Healthcare                1, 2 06 .2       + 2. 4%                     + 4. 4%                 + 4. 4%
   Gas and Services          7, 3 88 .5       + 7. 3 %                    + 5. 4 %                + 4. 4 %

                                                                th
                                                            4        quarter
                                                                           Variation %
    by business line          In M€         Variation %               (excl. forex, natural
                                                                                                 Variation %
                                                                                              (on a comparable
                          (as published)   (as published)                 gas and JAG
                                                                                                    basis)
                                                                         consolidation)
   Industrial
                               85 1 .5        + 8. 8%                     + 5. 2%                 + 4. 7%
   Customers
   Large Industries            49 5 .5        + 3. 7%                     + 9. 0%                 + 8. 3%
   Electronics                 21 0 .0        + 6. 5%                     + 3. 2%                 + 0. 1%
   Healthcare                  32 2 .4        + 5. 1%                     + 6. 1%                 + 6. 1%
   Gas and Services         1, 8 79 .4        + 6. 5 %                    + 6. 1 %                + 5. 4 %



                                                                                                             6/7
                                                    APPENDIX (3)


Sales by business

                                                      2002                                               2003
                                            th                                        th
                                          4 Quarter             Full Year             4 Quarter                   Full Year

GAS & SERVICES                                   1,763.9             6,887.0                1,879.4                   7,388.5
                Industrial Customers               782.4             3,154.4                  851.5                   3,353.9
                    Large Industries               477.7             1,821.0                  495.5                   1,998.8
                           Electronics             197.2               734.1                  210.0                     829.6
                                                   306.6             1,177.5                  322.4                   1,206.2
                           Healthcare

AL WELDING                                         118.1              460.1                   107.9                     423.2

OTHER ACTIVITIES                                    80.6              343.4                       71.7                  328.8
                           Chemicals                42.1              180.6                       41.4                  181.2
                             Sundry                 34.5              148.1                       29.5                  141.4
                             Holding                 4.0               14.7                        0.8                    6.2


ENGINEERING/CONSTRUCTION                           104.9              209.9                       96.2                  253.1


TOTAL                                            2,067.5             7,900.4                2,155.2                   8,393.6


Sales by region

                                                           Europe                      Asia
         2003: Full Year                  France
                                                       Excl. France
                                                                        Americas
                                                                                      Pacific
                                                                                                         Africa       TOTAL

GAS & SERVICES                           1,544.8           2,232.3        2,131.4     1,336.3             143.7       7,388.5
AL WELDING                                 148.7             274.5                                                      423.2
OTHER ACTIVITIES                           222.9              38.9             60.4         6.6                         328.8


Sub/total excluding Eng/Construc.        1,916.4           2,545.7        2,191.8     1,342.9             143.7       8,140.5


ENGINEERING/CONSTRUCTION                    63.9              34.3             12.8    103.8               38.3         253.1


TOTAL                                    1,980.3           2,580.0        2,204.6     1,446.7             182.0       8,393.6



                                                           Europe                      Asia
         2002: Full Year                 France
                                                       Excl. France
                                                                        Americas
                                                                                      Pacific
                                                                                                         Africa       TOTAL

GAS & SERVICES                           1,465.2           2,113.5        2,226.4      962.2              119.7       6,887.0
AL WELDING                                 176.2             283.9                                                      460.1
OTHER ACTIVITIES                           222.8              38.4             75.0         7.2                         343.4


Sub/total excluding Eng/Construc.        1,864.2           2,435.8        2,301.4      969.4              119.7       7,690.5

ENGINEERING/CONSTRUCTION                    66.6              34.7             41.3        46.6            20.7         209.9


TOTAL                                    1,930.8           2,470.5        2,342.7     1,016.0             140.4       7,900.4




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